Courtesy of Greenmark Media our affiliate 12.04.20
New Jersey legislative leaders turned the key and reached an accord on a charter to legalize recreational-use marijuana; scheduled vote due before January 1, 2021.
The statement made by Gov. Phil Murphy:
“Last month, New Jerseyans voted overwhelmingly in support of the creation of a well-regulated adult-use cannabis market. We’re proud to announce today we’ve reached an agreement on legislation providing the framework for legalization, which is a critical step in reducing racial disparities and social inequities that long plagued our criminal justice systems.
“This legislation will accomplish our shared goals of delivering restorative justice and ensuring that the communities most impacted by the War on Drugs see the economic benefits of adult-use cannabis market.
“While there is still much work ahead, we are one step closer to building a new, promising industry in the state.”
The “fuel” was delivered to the New Jersey Cannabis Regulatory, Enforcement Assistance, and Marketplace Modernization Act (the “NJCREAM”) by setting the rules and framework for regulations.
… what’s on the racetrack:
· Sales tax of 7% on all marijuana purchases.
· NJCREAM to enforce flat-fee excise tax on marijuana cultivators based on market conditions.
· All revenue from the excise tax is to be used primarily for Black communities and organizations serving them, as would 70% of the sales tax revenue.
· Cap on the number of marijuana growers’ licenses at 37 in the first 2 years.